China to lift market restrictions
December 13, 2007
Dec 14, 2007 -- /prbuzz/ --Mutual funds managed by Chinese banks are to be allowed to invest in the US stock market, it has been announced.

A statement from both countries was issued following two days of negotiations between financial authorities from the US and China and an exchange of letters.

The release said: 'This will create new business opportunities for US money managers and new financing opportunities for US companies."

The move came amid a tranche of other measures agreed by the Chinese regulators to open up the market.

These include allowing foreign banks and companies which operate in China to issue debt and equity in domestic markets.

China also pledged to recommence issuing foreign wealth securities joint ventures, which are to be permitted to conduct wealth management and brokerage business.

In May this year, Beijing lifted restrictions of the Qualified Domestic Institutional Investor (QD11) scheme to permit banks to invest money in any countries which sign a letter of understanding with the China Banking Regulatory Commission, the Forbes news agency reports.

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About the Press Release
London, Thursday, December 13, 2007 -- ARANCA NEWSTRACK – (aranca)


 
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